A revamped Central Know Your Customer (KYC) registry will be rolled out in 2025 in order to simplify the KYC process, said finance minister Nirmala Sitharaman during her Union Budget 2025 speech on Saturday (February 1).

The Central KYC Registry is a centralised database of all KYC records.

“To implement the earlier announcement on simplifying the KYC processes, the revamped Central KYC Registry will be rolled out in 2025,” said Sitharaman.

Besides, the Centre also plans to implement a streamlined system for periodic updating.

“The requirements and procedures for speedy approval of company mergers will be rationalised. The scope for fast-track mergers will also be widened and the process made simpler.

(The story will be updated soon.)

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